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Institute of Insurance Brokers launches regulatory council

The Institute of Insurance Brokers has launched its regulatory division, the Institute of Insurance Brokers Regulatory Council, which gives consumers a guarantee that their adviser is an “independent professional.”

The IIBRC will only regulate professional insurance broking practices and not direct dealers, tied agents or retailers who sell insurance as a sideline or intermediaries who they say cannot meet prescribed standards.

It will be solely responsible for making the rules, conducting disciplinary proceedings, imposing sanction and operating the compensation scheme.

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